Financial Literacy – Your Rights and Responsibilities

Understand your right to financial aid information and your responsibilities as a financial aid recipient

You Have the Right to:

• Know what financial aid programs are available;
• Know the deadline for submitting applications for each of the programs available;
• Be informed of financial aid policies and procedures;
• Know how your financial eligibility was determined and what resources (such as your income, assets, parental contribution and other resources) were considered in the calculation of need;
• Know what portion of your financial aid must be repaid, and what portion is gift or aid received from work;
• Know how the Financial Aid Office (FAO) determines whether you are making satisfactory academic progress and what the consequences are if you are not;
• Request an explanation of the various programs in your financial aid package;
• Know the terms of any loans you receive, and your deferment, cancellation and forbearance rights.

You Have the Responsibility to:

• Maintain satisfactory academic progress;
• Complete all application forms accurately and submit them on time;
• Provide correct information. Misrepresentation of information on financial aid applications is a violation of federal law and may be a criminal offense;
• Report any change in the information used to determine your eligibility, including name, family size, or other financial resources (i.e., scholarships);
• Return all documentation, verification corrections, and/or new information requested by either the Financial Aid Office or the agency to which you submitted your application, in a timely manner;
• Read and understand all forms that you are asked to sign and keep copies of them;
• Accept responsibility for all agreements that you sign;
• Perform the work that is agreed upon in accepting a Federal or Colorado Work Study award in a satisfactory manner;
• Notify the Financial Aid Office immediately if you withdraw from school or reduce enrollment status;
• Be aware of repayment procedures;
• Complete on-line entrance counseling when applying for your first student loan and complete on-line exit counseling upon graduation, dropping below six credits or leaving Colorado Mountain College;
• If you are a recipient of a student loan, notify your lender and the Financial Aid Office if your enrollment status drops below half-time (6 credits).
• Repay all loans including the interest on those loans;
• File all required student loan deferment forms on time.

Questions?  Contact your Financial Aid Specialist at your campus.